Geothermal Heat Pumps Market: Current Analysis and Forecast (2021-2027)

Report Description

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The Global Geothermal heat pump market w is expected to grow at CAGR of more than 5.6% during the forecast period (2021-2027). A geothermal heat pump (GHPs) or ground source heat pump is a central water heating system that uses geothermal energy to heat the water. Geothermal heat pumps are energy efficient and are widely used in various heating applications across surface water, recycled water, retention basin stormwater, sewage treatment plant, and harvested rainwater.

The stimulating growth of the geothermal heat pump market is attributed due to the growing concern towards energy security and environmental sustainability along with shifting trends for bioeconomy-based infrastructure will impel the market expansion of geothermal heat pump (GHP) globally. Furthermore, favorable government policies & protocols in line with an aim to reduce carbon emissions are predicted to further sway the industry’s growth.

Geothermal Heat Pump, Type, 2020

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ClimateMaster, WaterFurnace International Inc., Geomasters Heating and Cooling LLC., Carrier Corporation, Hydro-Temp Corporation, Mammoth Inc., Ingersoll-Rand plc, Modine Manufacturing Company, Robert Bosch GmbH, Danfoss A/S. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, closed loop segment holds the major share”

Based on type, the geothermal heat pump market is segmented into an open, loop, and closed loop. The closed loop caters to extensive market share in the geothermal heat pump market. It is mainly its high efficiency, less energy consumption, and low operating & maintenance cost are some of the vital parameters which will stimulate market penetration.

“Amongst application, commercial segment holds the major share”

Based on application, the geothermal heat pump market is classified into residential, commercial, and industrial. The commercial segment caters to an extensive share of the geothermal heat pump market. It is mainly owing to the rising demand for refurbishing and restoring conventional systems coupled with the product capability to effortlessly integrate with HVAC systems across current, as well as newly built government buildings would escalate its market demand.

“North America represents one of the extensive market shares of global geothermal heat pump Market”

For a better understanding of the market dynamics of the global geothermal heat pumps. North America caters to a substantial share in the geothermal heat pump market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the growing focus on the construction of new building infrastructure along with a renovation of old buildings will further spur the overall industry trend.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimating the current market, and forecasting the future market of the global geothermal heat pump market were the three major steps undertaken to create and analyze the adoption of a geothermal heat pump in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global geothermal heat pump market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the geothermal heat pump market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the geothermal heat pump market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the geothermal heat pump market. Further, we conducted factor analysis using dependent and independent variables such as favorable government policies & protocols in line with an aim to reduce carbon emissions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Geothermal heat pump market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global geothermal heat pump market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the geothermal heat pump market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global geothermal heat pump market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global geothermal heat pump market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and application in the global geothermal heat pump market.

The main objective of the Global Geothermal heat pump Market Study

The current & future market trends of the global geothermal heat pump market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the geothermal heat pump market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, and application.
• Define and analysis of the regulatory framework for the geothermal heat pump market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the geothermal heat pump market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the geothermal heat pump market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry